A great anecdote at The Strump, but an even better observation.
It’s also confirms something that I’ve known for quite some time. Very frequently, the people who appear well-dressed on the outside are frequently very broke. I’ve also been doing taxes for many years and I see the same thing – people that spend their money on high-priced items usually (but not all the time) have financial cancer.
From my experience, this is very true in NYC.